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October 22nd, 2018 2:24 PM

I remember when I bought my first home in the early 80's, interest rates were through the roof. The rate on my mortgage was 16.25%, I was elated when rates dropped below 10%. We have been sitting at rates that have been so low for so long, the only way is up from here. As the economy improves, rates will rise. As rates rise the result will limit those who can afford to buy a home.

As affordability declines, there should be pressure put on the price paid for a home, but with a shortage of homes, pricing may remain stagnate, maybe even keep rising but a much slower pace. If I were contemplating a purchase, now might be a good time. Because we are entering the winter months, the pace of home sales naturally slow making it a better time for buyers.

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Posted by Mike Irvin on October 22nd, 2018 2:24 PMLeave a Comment

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There was a time when anyone with a breath could call themselves a mortgage broker. Those days are gone. With the financial fallout, the bad actors have been run out of town and the remaining brokers are the best the industry has ever seen. One of the greatest advantages mortgage brokers have over larger entities is choice. Most borrowers don't have the time or energy to shop for a mortgage, that's where a broker comes in. We have more choices because we do not represent just one entity. If a bank only offers a few choices, we offer many.

Brokers are usually better educated because of the initial and ongoing educational requirements that are mandated for independent brokers that are not required of banks. Brokers are required to show actual fees charged, banks are not required to operate under the same rules.

Borrowers need answers evenings and weekends and usually want to talk to a local representative, not someone in an offshore call center. With a broker you have a one on one relationship through out the borrowing process, you are not handed off to a stranger, over and over. It's simple, we provide old fashion service, banks just can't compete.  

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Posted by Mike Irvin on July 10th, 2014 4:42 PMLeave a Comment

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